ACC 561 Final Exam Latest UOP Course Assignments

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49. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?

· Lower taxes.

· Harder to transfer ownership.

· Most common form of organization.

· Reduced legal liability for investors.

64. The group of users of accounting information charged with achieving the goals of the business is its

· Auditors.

· Creditors.

· Managers.

· Investors.

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110. Which of the following financial statements is concerned with the company at a point in time?

· Income statement

· Balance sheet

· Retained Earnings statement

· Statement of cash flows.

112. An income statement

· Presents the revenues and expenses for a specific period of time

· Summarizes the changes in retained earnings for a specific period of time

· Reports the assets, liabilities, and stockholders' equity at a specific date

· Reports the changes in assets, liabilities, and stockholders' equity over a period of time.

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118. The most important information needed to determine if companies can pay their current obligations is the

· Net income for this year

· Relationship between current assets and current liabilities.

· Projected net income for next year

· Relationship between short-term and long-term liabilities.

124. A liquidity ratio measures the

· Short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash

· Percentage of total financing provided by creditors

· Income or operating success of a company over a period of time

·Ability of a company to survive over a long period of time.

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165. The convention of consistency refers to consistent use of accounting principles

Throughout the accounting periods. Among firms. Within industries. Among accounting periods.

90. Horizontal analysis is also known as

· Common size analysis

· Linear analysis

· Vertical analysis

· Trend analysis.

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92. Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time